Halliburton (HAL) Stock Forecast & Price Target

Halliburton is well positioned because it combines North America’s largest oilfield-services scale with leadership in hydraulic fracturing and completions, giving it outsized exposure to the most profitable part of the well lifecycle. The business is entering an early-stage recovery, with 1H fracturing white space largely filled, rising spot-work inquiries, tight premium-equipment availability, and 2026 international revenue expected to grow in the mid- to high-single digits ex-Middle East, led by Latin America. Strong 1Q26 results, adjusted EBITDA of $1,016 million and 2026/27 EBITDA estimates lifted to about $4.2/$4.5 billion, reinforce the view that improving utilization, pricing, and technology-driven efficiency can expand margins and support stronger returns.

Halliburton is facing a negative outlook because its scale and technology leadership have not insulated it from cyclical demand weakness, as 1Q26 revenue of $5,402 million declined 0.3% year over year and North America revenue fell 4.5% while Middle East/Asia dropped 12.7%. Despite adjusted EBITDA of $974 million and EPS of $0.55 beating estimates, both EBITDA and margins contracted sequentially and year over year, signaling softer underlying profitability from lower stimulation activity, reduced completion tool sales, and margin pressure in C&P. Near-term risks remain elevated from Middle East disruptions, the Strait of Hormuz shutdown, higher logistics and material costs, and a potential recession-driven drop in oil demand that could further curb customer spending and capital discipline.